5 Features Making a Great Automated Underwriting System for Lending Businesses

automated underwriting system

Loan origination takes a lot of time and can be stressful for both the person giving out the loan and the person getting the loan. With the right approach to the process, lenders can make sure that borrowers are happy, loans are approved faster, and help is given on time.

An automated underwriting system is one of the tools that helps lenders reach their goals by automating different parts of the origination cycle. With these programs, loan originators can process and approve loans more quickly and give the borrower much-needed help.

Remember the following features as you choose the best mortgage loan origination software.

Automated Support

While getting a loan, borrowers have many questions about documents, applications, chances of approval, and much more. Most of the time, the people who came up with the idea are too busy to answer all of these questions, update statuses, and provide support around the clock.

AI-driven features in loan origination software can help borrowers find answers to their questions without putting too much stress on the loan officer. You can also use an AI-powered chatbot to keep the borrower in the loop. This is in addition to having a strong Q&A section on your website.

Analytics

In the age of “big data,” any information you gather about your borrowers can help you learn something. While you and your clients use the software, it must collect information about the borrowers and how your origination system works.

The program the lender chooses should look at this data and give information about the app’s performance, why it lost to competitors, common problems borrowers face during the origination process, and much more.

This information can help you reduce the time it takes to process applications, get more borrowers, and make them happier.

24/7 Access

Loan officers have to handle many different kinds of loans and procedures for getting them started. An automated underwriting system should give them real-time Access to information like loan approval status, sale price, interest rates, loan terms, and more, so they can work on the go without missing a beat.

This mobile Access can help loan officers speed up the process of getting loans and give borrowers the information they need.

With Capacity, lenders and borrowers can see more than just the details of each loan. They can learn about the rules and guidelines, which change constantly.

Customer Management

Software for getting loans should make it easy to manage many customers from one place. Managing them is easier with easy access to their paperwork and automated underwriting.

Loan officers can get information about their customers and the status of their loans at any time and from any place. This method of centralized management can also be beneficial for loan servicing.

Easy Onboarding

The loan origination software is a tool both lenders and borrowers can’t do without. To make the beginning of the process easier, onboarding should be simple. If not, loan officers might have to answer even more questions instead of doing their main jobs.

Choosing easy software to set up can make customers happier and reduce mistakes. A borrower-facing dashboard that is easy to use is a must.

Also, the software can make it easier for your staff to start work. For example, Capacity can make a very useful onboarding support for newly hired sales and operations staff.

Conclusion

Loan origination software is a must-have for lenders who want to make the loan process easier for borrowers and keep them coming back. By picking the best commercial loan underwriter software for your needs, you can increase your profits and make your customers happier.

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